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Lenovo first-quarter net profit rises 64 percent, beating estimates

Reuters

HONG KONG (Reuters) - China's Lenovo Group Ltd, the world's biggest personal computer (PC) maker, said on Thursday its first-quarter net profit rose 64 percent, beating estimates, as solid PC sales offset tepid smartphone demand.

Beijing-based Lenovo said in a filing that net profit grew to $173 million for the quarter ended June from $105 million in the same period a year earlier. That was more than the $130.1 million average estimates of analysts polled by Thomson Reuters SmartEstimates.

First-quarter revenue dropped 6 percent to $10.05 billion from a year earlier, compared with an average of $9.63 billion estimated by analysts.

(Reporting by Yimou Lee; Editing by Kenneth Maxwell)